SHERMAN OAKS, CA – April 21, 2011 – (RealEstateRama) — Darren Casamassima, a Principal of Lee & Associates-LA North/Ventura, Inc., a full service commercial brokerage company and member of the Lee & Associates group of companies, transacted a seven-year, 9,018-square-foot lease renewal at 10999 Riverside Drive in West Toluca Lake, CA. Total value of the lease is just under $1.5 million.
The tenant, 25/7 Productions LLC, whose credits include “The Biggest Loser” and “Shedding for the Wedding”, has occupied the space for the past five years and chose to remain after conducting a comprehensive review of alternatives.
“In the current market, it’s important for landlords to be cognizant of the competitive environment in which everyone is operating,” said Casamassima, who represented the lessor, Dr. Richard Sayegh. “Keeping abreast of the leases transacted in the Media District has helped us to retain our tenants and maintain a 98 percent occupancy rate at the building.”
In addition to the convenience of the location, just minutes from the major studios, the building offers 25/7 full control over its own utilities, an important feature for production companies.
Greg Frankovich, a Director at Newmark Knight Frank, represented the tenant.
About Lee & Associates – LA North/Ventura, Inc.
Celebrating more than 30 years of leadership in the commercial real estate industry, Lee & Associates®, is the largest broker-owned commercial real estate provider in the nation with 43 offices in California, Arizona, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, South Carolina, Texas and Wisconsin. Lee & Associates-LA North/Ventura, Inc., a member of the Lee & Associates group of companies, provides industrial, office, retail and multifamily/investment brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. Lee & Associates’ clients enjoy a comprehensive range of commercial real estate services including: sales and leasing; real estate investment consulting, property acquisition, disposition and 1031 exchange transactions; tenant representation and relocation, land assemblage, site selection, mixed-use and urban in-fill, property and portfolio evaluation and market research. Founded in Sherman Oaks in 1994, Lee & Asociates-LA North/Ventura now operates four California offices including Calabasas, Ventura County and Antelope Valley. For more information, contact us in the San Fernando Valley at 818.986.9800; in Ventura County at 805.626.1200; or in Antelope Valley at 661.341.3300. Or visit us online at www.lee-associates.com.